Faraday Future CEO’s long trail of debt is finally catching up to him

Jia Yueting, the CEO and a co-founder of troubled EV startup Faraday Future, has a notorious history with money. While his rise to fame and fortune in China was built partly around his vision — he started a streaming company in 2004 called LeTV, well before Netflix shifted away from DVDs — it was also built on financial debt. For years, he followed a relatively simple formula. He found success with LeTV, borrowed against that success to try new things under the umbrella of “LeEco,” then borrowed against those ventures to do even more, stacking up debt along the way. With China’s economy booming at the time, and a large shadow banking system emerging that made borrowing easy, he was off to the races.